European Parliament votes in favor of backloading—a freeze on the auction of carbon emission permits

5:14 AM MDT | July 4, 2013 | Michael Ravenscroft

Members of the European Parliament (MEP) voted today in favor of freezing the auction of a number of carbon dioxide (CO2) emission permits—backloading—after narrowly rejecting a freeze in April. The measure aims to restore the incentive effect of the European Union's Emissions Trading System (EU ETS), which is designed to reduce greenhouse gas emissions and tackle climate change. This time, however, parliament set stricter conditions for a freeze. MEPs now say that the commission "may, in exceptional circumstances, adapt the timing of...